Sallie Mae

Sallie Mae (SLM Corporation) is the largest education finance company in the U.S. "The company was originally established as the Student Loan Marketing Association, a government-sponsored enterprise (GSE), but began to privatize in 1997. The GSE was phased out in the first quarter of 2005, and Sallie Mae is fully privatized," it states on its website. 

Sallie Mae is the parent company of Nellie Mae, which also funds student loans.

In 2006, Sallie Mae revenue was US$9.1 billion with profits of US$1.1 billion. Top competitors are Bank of America, KeyCorp, and Student Loan Corporation. Based in Reston, Virginia, the company was founded in 1972.

Political contributions
Sallie Mae gave $572,000 to federal candidates in the 2006 election through its political action committee - 52% to Democrats and 48% to Republicans.

Lobbying
Sallie Mae (SLM Corporation) spent $2,758,700 for lobbying in the first half of 2007. Some of the lobbying firms used were Clark & Weinstock, Patton Boggs, Van Scoyoc Associates, Inc., and the individual Richard Hohlt.

Personnel
Key people and pay:
 * Albert L. Lord, Chairman and Chief Executive Officer, $3,300,000 (2005)
 * Charles Elliott Andrews, President, Chief Financial Officer, $1,558,599 (2006)
 * Robert S. Autor, Chief Information Officer

Selected members of the Board of Directors:
 * Ann Torre Bates
 * Charles L. Daley
 * William M. Diefenderfer III

Contact details
12061 Bluemont Way Reston, VA 20190 Phone: 703-810-3000 Fax: 703-984-5042 Web: http://www.salliemae.com

Related SourceWatch articles

 * Direct Student Loan Program
 * student loan industry

External articles

 * Mark Johnson, "NY AG alleges student loan corruption", The Boston Globe, March 16, 2007.
 * "Attorney General Cuomo Announces Settlement with Sallie Mae Over Its Student Loan Practices", Press Release Andrew M. Cuomo, April 11, 2007.
 * "Student Loan Provider Sallie Mae Sold. Two Private Equity Companies, Two Major Banks, Pay $60 A Share," Associated Press/CBS News, April 16, 2007.